The importance of transformation of global value chains in the international business in the context of harmonization of international economic relations for Russia

Abstract

Subject. The article considers global value chains as a key factor in the development of modern international economic relations. Objectives. The aim is to perform a comprehensive study of the transformation process of global value chains, using the case of Russia and the world, to conduct an econometric analysis that will identify the most significant factors and trends in the field of global value chains. Methods. The study rests on methods of econometric, logical, and statistical analyses. Results. The study identified the most significant factors in the formation of global value chains today. They are value added and digital development index. A number of other analyzed factors have a less significant impact. Conclusions. The article analyzes factors influencing the specifics of countries' participation in global value chains in modern conditions, in particular for Russia. With the help of econometric modeling, two econometric models were constructed. They enabled to establish relationships between the volume of country's economy and the intensity of participation in global value chains, as well as to conduct an empirical analysis for Russia.